Developed by the Irish-born British economist Francis Y. Edgeworth, it is widely used as an analytical tool in the study of consumer behaviour, particularly as related to consumer demand.
An indifference curve is a graphical representation that shows different combinations of two goods or services that provide a consumer with the same level of satisfaction. It helps to illustrate consumer preferences and the trade-offs individuals are willing to make between different goods or services.
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Answer:
Developed by the Irish-born British economist Francis Y. Edgeworth, it is widely used as an analytical tool in the study of consumer behaviour, particularly as related to consumer demand.
Explanation:
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Answer:
An indifference curve is a graphical representation that shows different combinations of two goods or services that provide a consumer with the same level of satisfaction. It helps to illustrate consumer preferences and the trade-offs individuals are willing to make between different goods or services.